Hong Kong is continuous its efforts to manage crypto exchanges and crack down on these which can be fraudulent and unregistered within the particular administrative area (SAR) of China. The cryptocurrency market, at the moment valued at $2.60 trillion (roughly Rs. 2,16,86,900 crore), has attracted each legit entrepreneurs and unscrupulous teams from world wide in recent times. New crypto exchanges have grown world wide, difficult traders to seek out out if these platforms are real or designed to rip-off customers. Hong Kong goals to make sure that all exchanges working within the area are legit and registered with the related authorities.
Hong Kong's Securities and Futures Fee (SFC) just lately reminded present crypto exchanges working within the area that the deadline to use for an official working license had handed. After Could 31, Hong Kong won’t permit crypto companies with out this permission to proceed.
A complete of twenty-two crypto buying and selling platforms in Hong Kong have utilized to obtain this license in current months. These embody Hing Kong BGE Restricted, Victory Fintech Firm Restricted, and DFX Labs amongst others, based on a CoinTelegraph report.
On the facet of the authorities rising the supervision on crypto exchanges, the SFC has expressed its considerations with a selected platform – HKCEXP. The authorities warned folks in opposition to participating with this platform, because it was suspected of being a part of ongoing crypto frauds.
The HKCEP misled traders by falsely claiming to be registered with the SFC, the fee stated in a press launch on Monday.
The SFC blocked a variety of non-compliant crypto platforms in March. To maintain its residents conscious of the licensed platforms, Hong Kong has determined to take care of this record on its web site.
The federal government of India has additionally integrated related measures to safeguard its investor neighborhood in opposition to scams and monetary theft. In December 2023, India's Monetary Intelligence Unit (FIU) issued present trigger notices to 9 offshore firms asking them to show that they adopted all India guidelines. These firms embody Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC International, and Bitfinex.
In India, all crypto firms are required to observe the Anti-Cash Laundering and Counter-Financing of Terrorism (AML-CFT) framework. Each these legal guidelines come below the provisions of the Prevention of Cash Laundering Act (PMLA).
